Local Bank Financial Constraints and Firm Access to External Finance

Figure 2Panel 1: Flow of Program Financing and Number of Participating Banks, by YearAmount ($ x 1000)0 5000 10000 15000 200005 10 15 20Number of Banks1993 1994 1995 1996 1997 1998 1999Year...Panel 2: Flow of Program Financing and Number of Participating Banks, by WaveAmount ($ x 1000)0 5000 100000 5 10 15Number of Banks1 2 3 4 5 6 7 8 9 10 11 12Program wave...Total resources allocated to waveNumber of participating banksSource: own calculations using MYPES program data. The flow of financing during a year is the sum of the amount ofresources allocated to all the waves that began during that year. The number of banks counts a bank only once even if itparticipated in two waves during a year.